Word: shailed
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...Michael Shail, 36, of Rhinebeck, N.Y., faces a stunning financial shock next month. On Nov. 1, the interest rate on his $35,000 home mortgage will jump from 8.5% to 15%, and the monthly payment will go from $270 to $437. A computer-programming manager with IBM, Shail says that he will not have to sell his house, but he frets that he will be forced to reduce the amount of money that he is putting away for the college education of his four children...
...Shail is one of 50 homeowners in upstate New York whose mortgages are now being called in for renegotiation by the Ulster Savings Bank of Kingston. All of the people obtained their loans in 1976 at the then prevailing interest rate of 8.5%. The agreements contained an unusual clause saying, in effect, that the mortgage-rate level could be re-established after five years. Shail thought that the clause was unimportant because New York had a law imposing an 8.5% interest ceiling on mortgages. In 1980, however, Congress passed a bill ending all such state usury restrictions on home loans...
...leave her shattered hulk to rust! Long has she rocked below, And many a fish has swum to see The grandma of the "Mo'; Above her piles the coastal tramp And plops the dinghy's oar;--The Yankee Cheese Box on a Raft Shail rout the Reb no more...
Each of the three debating societies shail elect a representative; the three so chosen shall elect three members of the Faculty, and these six shall choose three additional members from the body of graduates. This committee shall have the option each year of adding to their number not more than nine members at large, to serve on the committee for that year...
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